NSC of Kazakhstan renewed the broker-dealer license of Kazkommerts Securities OJSC

/IRBIS, Nov.8, 00/ - Public relations department of the National Securities Commission of Kazakhstan (NSC) informed today that by the resolution #713 of the NSC Directorate, dated November 8, 2000, the license #20030130, issued to Kazkommerts Securities OJSC (Almaty) to conduct brokerage and dealing activities on the stock market with the right to handle client accounts as a nominal holder, was renewed. The license was issued by the NSC on November 6, 97. The license was suspended by the resolution #703 of the NSC Directorate on November 2, 2000 based on the following reasons: - violations of the laws regulating the activities on the stock market; - giving incorrect information in the reports submitted to the National Securities Commission on the results of brokerage and dealing activities on the stock market, weekly and monthly reports on the deals made on unorganized stock market; - discrepancy of the Kazkommerts Securities OJSC organizational structure with the requirements of the item 11, points 2 and 4 of the item 12 of the Regulations for conducting the brokerage and dealing activities on the stock market of Kazakhstan which were approved by the resolution #20 of the NSC on December 31, 1998, where it is stated that the organizational structure of the company holding the first category license with the right to handle client accounts as a nominal holder should mandatory include trade subdivision and back office. No reasons for the renewal of the license are given in the news of the NSC public relations department. Apparently, brokerage company has removed all inconsistencies and violations that became the grounds for the renewal of the license by the NSC. Kazkommerts Securities OJSC is one of the leading brokerage and dealing companies on the Kazakhstani organized stock market. it is a member of the Kazakhstan Stock Exchange (KASE), and has a permission to participate at the trades in government bonds and securities of the KASE official list of securities and in "Non-listed securities" sector, as well as it has a status of a market-maker of the following companies' securities: shares and bonds of Almaty Kus OJSC, shares of KAZKOMMERTSBANK OJSC, UKTMK OJSC, SHNOS OJSC, Kazakhtelecom, bonds of NOC KAZAKHOIL CJSC, and NOTC KazTransOil. Besides, the company was a financial advisor at the major offerings of corporate bonds on the Kazakhstani stock market. Due to the suspension of the license, from November 3, 2000 Kazkommerts Securities OJSC was barred from the participation in the securities trades at the KASE and was not able to work as a market-maker on the trade floor of the Exchange. Apparently, today the admission of the Kazkommerts Securities OJSC to the trades will be resumed by corresponding decision of the KASE Board and the market-maker will resume putting out the quotations of the securities from tomorrow.